IREN Limited: Beat — Revenue $228M
Earnings BeatQ1 2027 · After-market
Did IREN Limited (IREN) beat earnings?
Yes, IREN Limited (IREN) beat Wall Street analyst expectations for Q1 2027, reporting higher-than-expected revenue.
Total Revenue+2.84% surprise
$228MActual
Expected: $221.71M
Released Nov 05 · 4:01 PM ET
Earning Report
| Metric | Q1 FY27 | Previous Quarter | YoY Change % |
|---|---|---|---|
| Revenue | 228 | - | - |
| Revenue detail — reported lines | |||
| └─Total AI Cloud revenue | 200 | - | - |
| └─AI Cloud Services revenue | 135 | - | - |
| └─AI Cloud Lease revenue | 65 | - | - |
| └─Bitcoin Mining revenue | 28 | - | - |
| Net income (loss) | (263) | - | - |
Business Highlights
- ➤Horizon 1 entered service for Microsoft with NVIDIA Exemplar status.
- ➤Expanded an existing contract with a Leading Frontier AI Lab after quarter-end.
- ➤Signed a short-term AI Cloud contract at $40 million per IT-MW.
- ➤Signed a five-year contract with customer prepayment covering 90% of associated GPU capex.
- ➤Contracted H100 GPUs at double previous pricing.
- ➤Secured over 30,000 acres of land supporting power and development capacity.
- ➤Sweetwater Hub received conditional inclusion in ERCOT’s Batch Zero process.
- ➤Horizon 2-4 advanced to late-stage construction.
- ➤Liquid-cooled data center construction progressed at Sweetwater 1 and commenced at Mackenzie.
- ➤Secured a civil works license for 300MW development in Badajoz, Spain.
- ➤Advanced AI Cloud with Mirantis k0rdent AI, an NVIDIA Certified Hypervisor.
- ➤Continued air-cooled retrofits in Childress and Mackenzie.
Management Commentary
Daniel Roberts, Co-Founder and Co-CEO of IREN
“This quarter Horizon 1 went into service for Microsoft with NVIDIA Exemplar status, AI Cloud revenue nearly tripled to $200 million, and operating ARR doubled to a billion. The more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February. Since quarter-end we have signed a five-year contract at about $22 million per megawatt with 90% of the GPU capex prepaid by the customer, and a short-term contract at $40 million per megawatt. We own the land, the power and the data centers under all of it, which gives us more ways to fund growth and lets us set its pace.”